Guideline Value for Market Lane

Market Lane guideline value

The current guideline value of Market Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Alandur village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Market Lane has changed

Over the years, the guideline value of Market Lane has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 273 per sq.ft. This increased to Rs 297 per sq.ft in 2003, reflecting a change of +9%. The value then surged to Rs 2,000 per sq.ft in 2007, marking an increase of +573%. Following this, the 2012 revision recorded a guideline value of Rs 5,000 per sq.ft, which was a decrease of -33% from the previous figure. In 2017, the value rose again to Rs 3,350 per sq.ft, showing a +49% increase. The guideline value reached Rs 5,000 per sq.ft in 2023, before the latest revision set it at Rs 5,500 per sq.ft in 2024, representing a +10% increase.

There are no recorded figures for any other years for Market Lane. Overall, from 2002 to 2024, the guideline value has increased by +1915%.

Guideline values in Alandur

Alandur village has 40 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 3,900 to Rs 11,000 per sq.ft, with a median value of Rs 5,000 per sq.ft. The guideline value of Market Lane is above this median.

• Marisan Street: Rs 4,400 per sq.ft (2024)
• Mathavapuram Centre Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram East Street/Madhavapuram perumal East street: Rs 5,000 per sq.ft (2024)
• Mathavapuram North Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram South Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram West Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Market Lane

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Market Lane?

The Sub Registrar Office that covers Market Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Alandur

The guideline value plays a crucial role in the registration process when buying or selling property in Alandur. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers must be aware that the guideline value may differ from the sale price, and the higher of the two will be used for calculating the necessary fees.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which is important for both the buyer and seller. This value helps maintain transparency in property transactions within the Alandur region.

Frequently asked questions

What is the current guideline value of Market Lane?

The current guideline value of Market Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 273 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1915%.

What is the land classification of Market Lane?

Market Lane is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for a property in Market Lane?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles registrations for Market Lane?

The Alandur Sub Registrar Office handles registrations for Market Lane, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.